Nanova — Columbia

Updates to Nanova’s story:

Layoff aversion & strategies to maintain your workforce

The economic shock from the coronavirus is something we have not experienced in recent memory. The sudden stoppage of the economy makes it difficult to remember that until March one of the primary concerns for many business owners was finding a workforce to meet their needs. 

Agricultural businesses can apply for EIDL now

MISSOURI – On Monday, May 4, the U.S. Small Business Administration opened up Economic Injury Disaster Loan applications on a limited basis specifically for agricultural businesses. The application is available at this time, ONLY agricultural business applications will be accepted due to limitations in funding availability and the unprecedented number of applications already received.

Your business income statement has a few surprises

Many small business owners take their financial statements and put them on the back burner. This lack of attention can result in the business owner being caught in a cash flow crunch or, worse, waking up one day to ask, “Where has my money gone?”

"Yes Virginia, there is funding for your business … "

Just as the reference to the 1890s editorial in The (New York) Sun indicates, there is funding in the capital world for many businesses if they cannot get it from traditional local or institutional banks.

Small business owners and the financial records payoff

Just the other day, I had a discussion with a local small business owner about where his money went. His financials showed he made a profit, but he did not have it in his bank account. As we talked, I asked questions about his record-keeping. He pulled out his checkbook and indicated that that was his method of keeping records. I asked about balance sheets, cash flow and profit and loss and he was hooked to learn more.

10 tips for communicating with employees during a crisis

These suggestions are provided to assist you, but in sharing them, we recognize that each business and situation is unique. We encourage you to consider each principle and apply as you believe best fits your business situation and your relationship with your employees.  1. Communicate even more during a crisis

Hibby’s Sports Grille — West Plains, MO

While living in West Plains, Missouri in 2012, Mike Hibler noticed a need for a restaurant where he could enjoy good food and watch a sports game. On his way to work every day, he noticed an abandoned building that looked like a log cabin. He always imagined what he could turn the building into, and one day, he decided to pitch the idea to his wife, Stephanie, and his mother, Cheryl.

The three pricing strategies for small business owners

A question that frequently comes up in my counseling sessions is, “What can I charge for this?” After a few discussions and cost gathering, we arrive at a true cost. Honestly, there are only three pricing strategies a small business owner can use in any situation: everyday low price (EDLP); high price, high value; and market parity.

Coupons still a solid small business sales strategy

Coupons are the most common sales promotional tool used by businesses. Their usage continues to grow each year, as they provide a way for the consumer to save money while offering the retailer a way to grow and retain sales. The coupon has consistently proven to be an effective business tool.

How to set your business apart from your competition

As I spend time with friends, I often hear them say, "There is no unique place to go shop these days. They all have the same stuff." To which I reply: "Why do you shop where you do?" This at times leads to an interesting dinner conversation. But it always reminds me that many business owners may not know how to set themselves apart from the competition at little or no cost.

Small business succession planning means success in small towns

Many small rural towns in Missouri have a large population of aging baby boomers. They are retiring at the rate of 10,000 per day or over 4 million annually, according to the Washington Post. But what are they doing with their business assets when they retire?

Where did my cash go?

That's a question many small business owners ask themselves way too often. In other articles, I have written about balance sheets and income statements as financial tools to help entrepreneurs manage their businesses. But what if that entrepreneur could predict how much cash would be coming into and going out of the business on a monthly basis? Or better yet, be able to look months down the road and have an idea of the intake and…

The calla lily image way of marketing

Many small businesses advertise because they know they should. Only a few put any planning into the ads beyond what they want to say. This lack of planning causes the business owner to miss out on some of the best advantages of advertising.

Business planning 101

Developing a business plan is hard work and at times a daunting task for business owners. However, business planning can help move any company or small business forward. "Why write a business plan?" you may ask. There are many reasons why writing a business plan is essential to any owner.

The secret to a successful business plan

As a current or future small business owner, you will experience the opportunity to write a business plan. It is not an evil invention of the financial or business industry full of hoops to jump through in order to delay your dreams. It is a tool to help you evaluate your idea’s potential before you talk to the bank or share it with other potential partners.

Branding your local business

As we think of a company, what do we remember about it? The logo, the slogan, the price or the experience we have with the store or product? For most shoppers, it is the experience they have that they remember the most and for the longest, particularly if it was helpful in solving a need or involved a pleasant impulse purchase.

Making your ad more creative

We sometimes see an ad that really catches our eye or ear and think, “Why can’t I come up with something like that?” You can, if you follow some time-honored points in advertising creative strategy.The five points for better creative advertising are:

Your banker and your small business

Many small business owners have mixed feelings about their bankers. One day they are happy and the next day they are upset with them. Plus, many small business owners are unaware of how to work with bankers other than to go in and ask for money when they need it. They do not know the importance of keeping the banker in the loop on many decisions affecting the owner’s small business.

Balance sheet – Does it matter to a business?

One of the three forms a business owner often does not understand is a balance sheet. This form is one of the best methods for an owner to determine the financial health of a business and possibly start to see where to improve the business.

10 do's for website promotion

The internet has become a household tool that it seems everyone knows how to use. Even first graders know how to wiz around on the web faster than I do sometimes. But while it is now a commonplace part of our lives, do you effectively use it as a small business owner to benefit your own business?

Using your website to generate repeat traffic

Many small businesses have their own website now. In fact, it is often the first marketing tool used by owners to help increase sales over traditional marketing efforts. Unfortunately, many websites, once hosted, are never changed or updated to keep attracting repeat traffic to the site. This lack of updating causes people to find the site stale and not return to it.

Creating a legacy through business and philanthropy — Joe and Judy Roetheli

Joe and Judy Roetheli, recognized as the Missouri SBDC Most Impressive Client (Photo used by permission)Joe and Judy Roetheli have been recognized as

US Essential Supply and Services, LLC — St. Louis, MO

It isn’t common to see women and minorities who own a supply distribution company, but Kayla Dennis wants to change that. As a first-generation entrepreneur, Dennis refuses to shy away from challenges.

Recovering and rebuilding after a disaster

When a disaster hits a community it can be devastating. For business owners, it can be a doubly difficult. At the same time they are facing the loss of their property and ensuring the safety of their families during the crisis, they also face another set of decisions that affect anyone involved in the business, as well as its customers and community. Feeling responsible for so many other individuals adds another layer of anxiety for…

Wiestside BBQ – Webb City, MO

Carl and Julie Wiest are the owners of Wiestside BBQ in Webb City, Missouri. The beginnings of their restaurant and their journey to business ownership seemed perfectly normal until they experienced great adversity that nearly sent their dreams up in smoke. 

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